Real income growth slows to 0.4 per cent this year

Office workers in the Central Business District. Real income growth slowed significantly this year, according to preliminary figures released on Friday by the Manpower Ministry. -- PHOTO: ST FILE 
Office workers in the Central Business District. Real income growth slowed significantly this year, according to preliminary figures released on Friday by the Manpower Ministry. -- PHOTO: ST FILE 

SINGAPORE - Real income growth slowed significantly this year, according to preliminary figures released on Friday by the Manpower Ministry.

After accounting for inflation, median income including employer CPF contributions rose by only 0.4 per cent in 2014, compared to 4 per cent in 2013 and 2.5 per cent in 2012.

The median salary was $3770 as at June this year.

But last year's income growth was higher than average, partly pulled up by the launch of the Wage Credit Scheme in which could have encouraged employers to give bigger wage raises, the Ministry said in a statement.

More Singapore residents are entering the labour force and finding jobs. The labour force participation rate rose to a record 67 per cent, with the rates for women and older workers continuing to rise.

The proportion of Singapore residents in jobs also climbed to a new high of 79.7 per cent for those aged 25 to 64, up from 79 per cent last year.